OMERS to buy stake in 407 International in $3.25 bln deal
OMERS Infrastructure has agreed to acquire a 10.01 percent stake in 407 International Inc, a Woodbridge, Ontario-based holder of a concession over 407 Express Toll Route (407 ETR). The purchase price consists of an upfront payment of $3 billion. The seller, Canadian engineering business SNC-Lavalin Group Inc, said in a statement that its total proceeds could reach $3.25 billion over time. The deal is expected to close within two months. 407 ETR is an all-electronic, barrier-free toll highway located in the Greater Toronto Area. It is also owned by Ferrovial SA, which currently holds a 43.23 percent interest, and Canada Pension Plan Investment Board.
5 April 2019•2 mins read
